Some say, “I do marketing, I advertise in the weekend paper” or “I give away pens and pads.” Is that marketing? Both can be elements of your marketing plan, IF they are planned and executed properly. I remember when I had my intro to marketing in grad school, it was the 4 Ps (Philip Kotler): product, place, price, and promotion. The 4 Ps cover an enormous amount of ground. The point I want to make is the importance of a marketing plan and how it can help you to deliver on your business goals.
The marketing plan gives you the roadmap for accomplishing your business goals. You often hear it’s all about ‘being at the right place at the right time’. Marketing is about having the right product at the right price, through the proper delivery channel(s) and with the proper promotion/advertising. Product: does it satisfy your customer’s needs, do you have the product knowledge you require, are you changing as the market changes etc. Place is about the distribution: do customers have the channels they require….
Internet, retail, wholesale, telephone etc. Price:are you competitive, are you a premium product or a low price product, how are you or should you be priced in your market. Do you offer bundling, special prices at specified times of the year? Promotion: how do you effectively reach your target? Should it be through advertising and what is the proper medium(print, broadcast, Internet etc) to reach your audience?Maybe it’s via events or direct mail. How does your market like to be reached?
Sounds like a lot of work? It is, but it’s worth it. The market plan gets you and your business partners set on the proper track. It includes measures, such as market size, market share, customer satisfaction, brand equity etc to track your performance to goal. The market plan is the recipe for business success.
Among Carol’s many talents is a long career as a successful marketer for Volvo. She is also a business networking expert and successful mortgage consultant.
